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Teledyne to Acquire Bolt Technology Corporation

Teledyne Technologies Incorporated (NYSE:TDY) ("Teledyne") and Bolt
Technology Corporation (NASDAQ:BOLT) ("Bolt") jointly announced today
that they have entered into a definitive agreement that provides for the
merger of Bolt with a wholly-owned subsidiary of Teledyne. Pursuant to
the transaction, Teledyne will acquire all of the outstanding common
shares of Bolt for $22.00 per share payable in cash. The definitive
agreement contemplates that Bolt will pay its previously announced
quarterly dividend of $0.09 per common share, payable on October 2,
2014, to stockholders of record on September 3, 2014. The aggregate
value for the transaction is approximately $171 million, taking into
account Bolt's stock options and net cash as of March 31, 2014. The
transaction was unanimously approved by the Boards of Directors of
Teledyne and Bolt. In addition, Bolt's directors and executive officers
have agreed to vote their shares in favor of the transaction.

Since 1965, Bolt has been a leading supplier of marine seismic energy
sources and replacement parts for offshore energy exploration. Bolt also
develops and manufactures high-reliability underwater cables and
connectors, as well as related electronic controllers, monitoring
systems and other auxiliary equipment. Through its SeaBotix business,
Bolt is a leading designer and manufacturer of miniature underwater
remotely operated vehicles (Mini ROVs) used in maritime security, search
and rescue, aquaculture, and scientific research applications.

"Bolt will broaden our rich portfolio of marine instrumentation with a
number of highly complementary products," said Dr. Robert Mehrabian,
Chairman, President and Chief Executive Officer of Teledyne. "Bolt's
geophysical acoustic sources will fit well with our existing hydrophone
arrays, which listen for the echoes from these sound sources. Bolt would
also bring unique connector technology, products and customers to our
subsea interconnect businesses. Finally, SeaBotix expands our marine
systems business by adding inspection-class ROVs to our autonomous
underwater vehicles (AUVs), while also providing more platforms to use
our extensive line of marine sensors."

Raymond M. Soto, Bolt's Chairman and Chief Executive Officer, commented,
"This transaction rewards our shareholders, while providing exciting
opportunities for both our customers and employees. Our respective
companies have complementary products and technology, and given
Teledyne's resources, we believe that we can accelerate the development
of new products, such as our environmentally friendly marine seismic
energy source."

Johnson Rice & Company L.L.C. is acting as exclusive financial advisor
and Levett Rockwood P.C. and Edwards Wildman Palmer LLP are acting as
legal counsel to Bolt. McGuireWoods LLP is acting as legal counsel to
Teledyne.

About Teledyne Technologies

Teledyne Technologies is a leading provider of sophisticated
instrumentation, digital imaging products and software, aerospace and
defense electronics, and engineered systems. Teledyne Technologies'
operatins are primarily located in the United States, Canada, the
United Kingdom, and Western and Northern Europe. For more information,
visit Teledyne Technologies' website at www.teledyne.com.

About Bolt Technology Corporation

Bolt Technology Corporation is a leading worldwide developer and
manufacturer of marine seismic data acquisition equipment used for
offshore oil and natural gas exploration. Bolt, through its SeaBotix
Inc. subsidiary, is also a developer and manufacturer of remotely
operated robotic vehicles systems used for a variety of underwater tasks.

Additional Information About the Acquisition and Where to Find It

This press release is for informational purposes only. It does not
constitute an offer to purchase shares of Bolt Technology Corporation or
a solicitation or recommendation statement under the rules and
regulations of the SEC (News - Alert). Bolt will publicly file a Form 8-K with the SEC
containing the terms of the definitive merger agreement, and plans to
mail a proxy statement to stockholders of Bolt in connection with the
proposed transaction. Investors and security holders of Bolt are urged
to read the proxy statement and other relevant materials when they
become available because they will contain important information about
Teledyne, Bolt and the proposed transaction. Investors and security
holders may obtain a free copy of these materials (when they are
available) and other documents filed with the Securities and Exchange
Commission at the SEC's web site at www.sec.gov.
A free copy of the proxy statement, when it becomes available, may also
be obtained from Bolt Technology Corporation, Four Duke Place, Norwalk,
Connecticut 06854, Attn: Investor Relations. In addition, investors and
security holders may access copies of the documents filed with the SEC
by Bolt on Bolt's web site at www.bolt-technology.com.
Bolt, Teledyne and their executive officers and directors may be deemed
to be participants in the solicitation of proxies from its stockholders
with respect to the proposed transaction. Information regarding the
interests of the officers and directors of Bolt in the proposed
transaction will be included in the proxy statement, and information
regarding the officers and directors of Teledyne is included in its most
recent Annual Report on Form 10-K and its most recent Proxy Statement
filed with the SEC. The consummation of the proposed transaction is
subject to the approval of Bolt's stockholders as well as other
customary closing conditions, including clearance under the
Hart-Scott-Rodino Antitrust Improvements Act.

Forward-Looking Information Cautionary Notice

This press release contains forward-looking statements, as defined in
the Private Securities Litigation Reform Act of 1995, with respect to
management's beliefs about the financial condition, results of
operations and businesses of Teledyne and Bolt in the future.
Forward-looking information involves risks and uncertainties, is based
on the current expectations of the management of Bolt and Teledyne and
is subject to uncertainty and changes in circumstances. The
forward-looking information contained herein may include statements
about the expected effects on Teledyne of the transaction, the
anticipated timing and scope of the transaction, expected timing of the
completion of the transaction, anticipated earnings enhancements,
estimated cost savings and other synergies, costs to be incurred in
achieving synergies, anticipated capital expenditures and product
developments, other strategic options and all other statements in this
announcement other than historical facts. Forward-looking information
includes, without limitation, statements typically containing words such
as "intends", "expects", "anticipates", "targets", "estimates" and words
of similar import. By its nature, forward-looking information is not a
guarantee of future performance or results and involves risks and
uncertainties because it relates to events and depends on circumstances
that will occur in the future. Actual results could differ materially
from this forward-looking information. Many factors could change
anticipated results, including Teledyne's ability to integrate Bolt's
operations, retain customers and key employees and achieve operating
synergies, the ability to develop and market new competitive products,
risks associated with global economic conditions and fluctuations in
offshore energy activity, failure of the requisite number of Bolt's
stockholders to approve the transaction, operating results of Bolt being
lower than anticipated, and unexpected acquisition-related costs and
expenses. Certain of these and other factors that could affect Bolt's
business are discussed in Bolt's Annual Report for the fiscal year ended
June 30, 2013 and Bolt's Quarterly Reports on Form 10-Q for the periods
ending September 30, 2013, December 31, 2013 and March 31, 2014.
Additional information concerning factors that could cause actual
results to differ materially from those projected in the forward-looking
statements is contained in Teledyne's periodic filings with the
Securities and Exchange Commission, including its 2013 Annual Report on
Form 10-K and Quarterly Reports on Form 10-Q. Neither Teledyne nor Bolt
undertake any obligation to publicly update or revise any
forward-looking information, whether as a result of new information,
future events or otherwise.